Blockchain network Bridges( "how" it works)

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3 years ago

Apparently, the connections involved in block chain networks have been working very good and it's beneficial to the crypto community, especially BCH.

This "bridge" provides an interconnection that involves the transfer of tokens or coins in a form of data between two different blockchain systems.

  1. An important challenge of blockchain to date is due to their inability to exchange and make use of the connections.

  2. Once a developer builds their decentralized app in a platform, they are generally locked into that platform without any opportunity to allow other blockchain systems to benefit.

For instance, ETH has well labelled scalability problems which developers hoped it can be solved within the shortest possible time.

....if they move to another, faster platform, like EOS, they will encounter a loss on the fact that ethereum offers:.....

👉 A large community, a widely supposed token and the most adopted smart contract platform.

Therefore;

A developer can use the "bridge" to send their token from one blockchain network to another to their advantage.

In a very associatable blockchain network, data and tokens could potentially go across many different platforms.

✔️Bridges use a protocol to keep token supply constant across all networks.

✔️When a token leaves one blockchain, it is burnt and locked and an equivalent token is divided on the other blockchain.

✔️ Conversely, when the token moves back to the original network, the "similar" token is also burned or locked.

Spectrum of decentralization.

@micropresident and @georgedonnelly said @donnacute whole lot about BCH decentralization. Moreover;

👉 Much like blockchain themselves, Bridges can be made to operate on the spectrum of decentralization.

👉The networks outlined fall into two categories trustless and federated.

✔️A federated bridge is run in a way to privatize permissioned blockchain.

  1. The project establishes a set of rules for which an individual can qualify to become a part of the federation that manages and oversees bridge transactions.

For example, in wanchain, specialized nodes called "storemen" lock tokens on ETH blockchain secure multi computation.

The equivalent value of these tokens are divided on wanchain and when the user wants to remove the assets and send it back to ETH, store men will give out the secret key.

A trustless bridge can operate through a decentralized group of networks.

✔️Unlike federation, anyone can join the network. The agent is incentivized to make sure bridge connections are validated correct.

✔️A bridge can use a network that stake BCH and earn fees from bridge transactions,which are grouped into super blocks.

✔️If any agent takes the fact that acting in the interest of the network by submitting invalid superblocks, they can pose as a challenge. If the challenge is postponed, the Challenger wins some tokens from the submission. Conversely, the Challenger loses an amount of tokens if the challenge is deemed not good.

Most of these blockchain networks concur a loss due to exchanges too. Sometimes the currency one is Changing from to another such as Bitcoin In transactions can pose as a problem. Some exchanges are pretty expensive and from my experience, BTC transactions are very costly. Compared to BCH. Its very affordable and moreover, transactions are faster as compared to BTC. BCH decentralization must be implemented to start off with the future of crypto..... Bitcoin cash.

Through this article, I deem it a say that, readers now understand the relevance of the block chain bridge.

Thank you.

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Comments

Thanks for sharing such an informative article.☺️

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3 years ago

Great article.. Thanks for sharing

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3 years ago

Very informative article

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3 years ago

The bridge in other words stands as a network in sending tokens from one block chain to another

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3 years ago

Very good beautifull article

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3 years ago

Great🎉

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3 years ago

Thank you dear. I hope u will suscribe 🙏🎊🎊🎊

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3 years ago

yes😘

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3 years ago